Hong Kong names accounting regulator Kelvin Wong as next SFC chairman

Wong, 63, will serve a three-year term starting on October 20. To prepare for his role as market regulator, he has tendered his resignation as an executive director and deputy managing director of Cosco Shipping Ports, according to a stock exchange filing by the company on Monday.

He will be the first former executive of a listed company to chair the market watchdog, as the three previous chairmen – Lui, Carlson Tong Ka-shing and Eddy Fong Ching – were all accountants.

“I am honoured to be appointed as chairman of the SFC, a leading global securities regulator,” Wong said in a statement. “It is a great moment for the SFC, and we must embrace the opportunities and challenges to foster a sustainable and vibrant capital market that not only protects investors’ interests but also promotes economic growth, advances corporate governance and spurs innovation.”

Wong will continue in his role as chairman of audit regulator Accounting and Financial Reporting Council (AFRC) until the end of this year, the government said. His term was originally set to run until September 30 of next year.

The government has not yet announced a successor for Wong at the AFRC.

“Under [Wong’s] stewardship, the AFRC smoothly implemented accounting and audit regulatory reforms, bringing Hong Kong’s regulatory regime in line with international developments,” said Financial Secretary Paul Chan Mo-po.